Naguib Sawiris expects gold to hit US$5,000 per ounce

Egyptian businessman Naguib Sawiris, chairman of Orascom Investment Holding, predicted that the price of gold would reach US$5,000 per ounce within a year or two.

The Egyptian billionaire indicated that psychological pressures and investor need for liquidity were among the reasons for the decline in gold prices, and confirmed that he will continue to invest in the yellow metal.

Sawiris said that the sharp declines in global markets are due to the policies of US President Donald Trump, who did not anticipate this sharp decline and could have implemented his economic plans in a calmer manner that would satisfy everyone.